Resources

Loan Repayment Basics

The most important piece of advice we can give about loan repayment?

Loan repayment should not be the only factor you consider when choosing a job (or profession!). Choosing a job based solely because loan repayment is offered (while ignoring other factors about the job) may lead to job dissatisfaction, and ultimately, the loan repayment you signed up for may result in financial penalties if you leave the job before your commitment is fulfilled.

Terms you need to know

Loan Repayment
You already have a job with an employer. You apply for ‘x’ amount of money to be given to you or are given a set amount of money toward your student loan debt in exchange for service. Example: you agree to work three years for a facility and will receive $40,000 a year for each of those years of service.

Scholarship
You may or may not have a job. You apply for money toward a medical education you’re already accepted to. This may or may not come with a contractual service (or other) obligation.